KEM LIQUORS & BEVEREGES P.LTD, THANE V. DCIT 8(2), MUMBAI

ITA 2745/MUM/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 3533 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 1 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-05-2016
• Appeal Filed By: Assessee
• Bench Allotted: A
• Next Hearing Date: 12-05-2016
• Assessment Year: 2004-2005
• Appeal Filed On: 22-04-2014
• Court: TRIBUNAL
• Department Lawyers: SANJAY BAHADUR
• Assessee Lawyers: SUBODH RATNAPARKHI
• Keywords: Unexplained cash credit

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A , BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH , JM ./ ITA NO. 2745 / MUM/20 1 4 ( / ASSESSMENT YEAR : 20 0 4 - 2005 ) M/S KEM LIQUORS & BEVERAGES PRIVATE LIMITED, A/47, ROAD NO.11, WAGLE INDUSTRIAL ESTATE, THANE - 400604 VS. DCIT - RANGE - 8(2), M UMBAI ./ ./ PAN/GIR NO. : A AAC K 3214 H ( / APPELLANT ) .. ( / RESPONDENT ) /AS SESSEE BY : MR. SUBODH RATNAPARKHI /REVENUE BY : MR SANJAY BAHADUR / DATE OF HEARING : 12 /0 5 /2016 / DATE OF PRONOUNCEMENT 25/05 /201 6 / O R D E R PER R.C.SHARMA (A.M) : TH IS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) - MUMBAI, FOR THE ASSESSMENT YEAR 200 4 - 2005 , IN THE MATTER OF IMPOSITION OF PENALTY U/S.271(1)(C) OF THE ACT. 2. AT THE OUTSET, LD. AR SUBMITTED THAT QUANTUM ADDITION WITH RESPECT TO WHICH PENALTY HAS BEEN IMPOSED HAVE ALREADY BEEN RESTORED BACK BY THE TRIBUNAL TO THE CIT(A). ACCORDINGLY, IT WAS REQUESTED THAT PENALTY SHOULD ALSO BE RESTORED BACK TO THE FILE OF AO. 3. WE HAVE CONSIDERED RIVAL CONTENTIONS AND FOUND THAT THE PENALTY HAS BEEN LEVIED WITH R EGARD TO THE ADDITION MADE U/S.68 ON ACCOUNT OF UNEXPLAINED CASH CREDIT OF RS. 31,42,272/ - . WE FOUND THAT THIS ADDITION HAS ITA NO. 2745/14 2 BEEN RESTORED BACK BY THE TRIBUNAL VIDE ITS ORDER DATED 22 - 1 - 2016 TO THE FILE OF CIT(A). AS THE QUANTUM ORDER ITSELF HAS BEEN SET ASI DE, THEREFORE, WE RESTORE THE PENALTY ORDER BACK TO THE FILE OF CIT(A) FOR DECIDING AFRESH AFTER PASSING THE ORDER IN QUANTUM APPEAL RESTORED BY THE TRIBUNAL VIDE ITS ORDER DATED 22 - 1 - 2016. 4 . IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSE S. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 25/05 / 201 6 . SD/ - ( AMARJIT SINGH ) SD/ - ( R.C.SHARMA ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 25/05 /201 6 . . /PKM , . / P S / COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MU MBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY//